Sensex, Nifty Gains Amidst Lotus Wave in Karnataka

With early results at Karnataka State Assembly Elections indicating BJP gaining a foothold in South India, the Sensex and Nifty has rose a percent in morning trade on Tuesday. BSE Sensex rose 0.95% to 35,895.55 and Nifty rose 0.88% to 10,901.50

Early reports from counting centres in Karnataka revealed that BJP was leading in 119 seats while Congress was leading in 60 seats and JDS in 41 indicative of a clear majority emerging for BJP. Sadananda Gowda, Union Minister said that this is the beginning of BJP gaining supremacy in South India.

Elections were held in 222 constituencies while 2 were postponed. Ramesh Chennithala (Congress), Opposition Leader in Kerala said that anti-incumbency factor led to the defeat of Congress. BJP Leader Yeddyurappa won from Shikaripura. The results have belied expectations of a hung Assembly as predicted by some exit polls.

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